Stock took a dip on Thursday, with the S&P losing ground for the third straight session. And at this point, after a 190 percent rally from the market's nadir, ConvergEx's chief market strategist, Nicholas Colas, warns that investors could be buying into the market at their own peril.
Most investors "are missing that we are in the seventh or eighth inning of a big move," Colas said on Thursday's "Futures Now." "And I think you do have to begin to be a lot more tactical. If you do have big gains, take them off the table. If you want to have one final puff of the cigar, be my guest, but be careful."
Colas says that one might have expected the S&P to drop more than it did on Thursday off of crude oil's Iraq-related spike, but at this point, investors have become lulled into complacency.
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"We haven't had a 10 percent pullback for over 30 months. That's gotten deeply ingrained into buyer psychology. It's going to be tough to shake them out of that. Which is why I think you're still seeing a lot of resilience given the headlines we're seeing and oil," Colas said.